Buying a home is an important endeavor and requires careful consideration before deciding to purchase a property.
- What to buy – determine what type of home, community and similar characteristics are important in your purchasing decision.
- Check you credit history – if you can, pay down debt before buying a home and make sure you have a healthy credit score and report.
- Find the right lender - which credit union is the right fit for your lending needs?
- Down payment amount – figure out how much you can afford to put down on the initial purchase of the house. The more you can afford up front, the lower your mortgage and payments will be in the long run.
- Pre-approval – how much can you actually afford to purchase at your current income level. This is a good road map in deciding what dollar value of homes you should be looking at.
- Hire an agent or do it yourself – make the decision if you'll represent yourself or work with a real estate agent to purchase your home.
- Go to showings – be sure to preview houses that you're considering as you future home. Try to refrain from purchasing a home 'sight unseen.'
- Negotiate – if you find the home of your dreams, but the price isn't just right, consider negotiating with the owner. They may be willing to meet you on middle ground when it comes to selling price. It never hurts to ask!
- Mortgage – now's the time to start mapping out the details of your mortgage with your local credit union representative.
- Inspect, inspect, inspect – don't buy a home without first having a home inspection done. Inspectors may find or notice problems with the home that you didn't see or were aware of.
- Walk through it – do a final walk about the inside and outside of the home before purchasing, make sure it's in the condition it was when you first toured it.
- Closing – have all of your "docs in a row." You will need your home owners insurance, title insurance, and similar in hand at the closing table. Keep track of all of these needs with your agent.
This is a very high level overview of the details of home buying. Should you still have questions about this process, want to know which local credit union is right for you, or other feedback – please contact your local credit union representative at your earliest convenience.